Frequently Asked Questions
We know you have questions about the Mortgage Loan process. Review our F.A.Q.'s and contact me for more information about your loan.|
Approval & Closing |
Prequalification |
Rates & Fees |
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Title Insurance |
Approval & Closing
Q. How long does it take to obtain loan approval?
Depending on your credit history and down payment and the loan program selected, some loans may be able to be approved in as little as 24 hours. The average number of days from application to approval will vary. However, 7-10 business days is typical.
Q. How quickly can you close my home loan?
Each loan's timeframe will vary based on your history, your property's appraisal and other transaction details. Applying through a "pre-approval" program can generally improve the closing date.
Q. Do you require title insurance for purchase transactions?
Yes, a Mortgagee's Title Insurance Policy will be required on purchase transactions.
Prequalification
Q. What documents will typically be requested when I make application for a mortgage loan?
W2's, paystubs , bank statements, and the purchase contract on the home you are buying. Please review our Documents Needed pages on this website.
Q. How do I determine which mortgage product will meet my needs?
Everyone's situation is different. As Mortgage professionals, we will consult with you to help discover your needs and match those needs with the best mortgage loan.
Rates & Fees
Q. What are lender fees?
Lender's fees are fees that offset the cost of producing the loan. Different companies may refer to them by different names, such as, processing fees or underwriting fees.
Q. How are rates determined?
Rates are determined by the stock market and other financial indicators. These rates can change daily or even more than once within the same day. The changes are based on many different economic indicators in the financial markets.
Q. What is the difference between APR and interest rate?
The APR (annual percentage rate) reflects the cost of your mortgage loan as a yearly rate. It also incorporates the cost to obtain the loan, such as discount fees and loan origination fee. The interest rate is the actual note rate.
Title Insurance
Q. What is title insurance?
Title insurance provides the lender and the buyer (if you purchase owner's coverage) with coverage for losses resulting from specific title defects listed in the policy. In cases where land and property have changed hands over time, there is always the possibility an error has occurred. If an error has occurred, it may be that someone else may be in title to or have an interest in the property, that improvements encroach on property lines or that other similar problems may exist. In these scenarios, if you do not have title insurance you could lose your investment in your home. Lenders require "lender's coverage" to protect their investment and it only protects the lender. Owner's coverage is optional and provides separate coverage for the borrower.
